SEC filing reveals that Elon donated almost $2 billion in Tesla shares to charity in 2022
Per Reuters
An SEC filing revealed that Tesla, SpaceX, and Twitter CEO Elon Musk donated almost $2 billion in TSLA shares to charity in 2022. From August to December, the billionaire donated around 11.6 million shares.
However, the filing did not reveal which specific organization or organizations were the recipients of the donations. Elon Musk donated $1.95 billion in 2022 and currently owns 13% of the automaker.
The recent donation by Musk was a drop from his 2021 donation of $5.74 billion. Analysts describe how the billionaire could benefit from giving Tesla stock to charity.
This was because shares donated to charities won't require capital gains tax to be paid. The seller would have to pay capital gains tax on the Tesla shares if they were to be sold.
Elon Musk is one of the billionaires participating in the Giving Pledge. In 2012, the Tesla CEO signed the pledge, which signifies that he plans to give at least half of his wealth to philanthropy when he passes away.
The Tesla CEO also set up the Musk Foundation in 2001, which is known for offering grants directed toward safe artificial intelligence development.
Musk made the $1.95 billion donation despite his takeover of Twitter in 2022, which was worth $44 billion, per Euro News. Now, the billionaire is extending his efforts in trying to make Twitter profitable.
Recently, Musk sent an email to employees at Twitter asking them to create one-pagers regarding their January accomplishments. The request also came as the CEO requested employees to share any ideas on improving the social platform.
In December, Musk threatened to sue Twitter employees that would leak confidential information to the press. The CEO said the leaks would violate the signed NDAs and result in Twitter seeking damages immediately.
See flow at unusualwhales.com/flow.
Other News:
- Elon Musk sent an email to Twitter employees telling them to write a one pager on what they accomplished in January, what they plan to accomplish in February, and "any ideas you have for improving Twitter"
- Elon Musk is threatening to sue Twitter employees who leak confidential information to the press
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